SOXS vs. SH
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, SOXS returned -78.06%/yr vs -12.47%/yr for SH. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SOXS charges 1.08%/yr vs 0.89%/yr for SH.
Performance
SOXS vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -91.17% return, which is significantly lower than SH's -6.65% return. Over the past 10 years, SOXS has underperformed SH with an annualized return of -78.06%, while SH has yielded a comparatively higher -12.47% annualized return.
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $271.72M | $244.09M | $301.56M | |
| $3.72B | $3.43B | $3.32B |
SOXS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
SH ProShares Short S&P500 | -6.65% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between SOXS and SH is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.77 |
The correlation between SOXS and SH has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
SOXS vs. SH — Risk / Return Rank
SOXS
SH
SOXS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and ProShares Short S&P500 (SH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SOXS | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.86 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.73 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.30 | -0.05 |
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Drawdowns
SOXS vs. SH - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SOXS and SH.
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Drawdown Indicators
| SOXS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -94.66% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -97.89% | -16.06% | -81.83% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -38.82% | -61.05% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -44.53% | -55.45% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -74.80% | -25.20% |
Current DrawdownCurrent decline from peak | -100.00% | -94.54% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -92.65% | -67.93% | -24.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.27% | 9.03% | +62.24% |
Volatility
SOXS vs. SH - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 55.41% compared to ProShares Short S&P500 (SH) at 3.51%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.41% | 3.51% | +51.90% |
Volatility (6M)Calculated over the trailing 6-month period | 117.32% | 10.08% | +107.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.87% | 12.81% | +120.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.55% | 16.96% | +97.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.76% | 18.02% | +85.74% |
SOXS vs. SH - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
SOXS vs. SH - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 41.84%, more than SH's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.19% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.84% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
SOXS and SH have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to SH (3.51%). In terms of maximum drawdown, SOXS dropped -100.00% vs SH's -94.66%.
On 10-year performance, SH leads with -12.47% vs -78.06% for SOXS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SH has performed better with a -12.47% return vs -78.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 4.19% for SH.
SOXS tracks PHLX Semiconductor Index (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SOXS and 0.89% for SH.
SOXS currently has the higher Sharpe Ratio (-0.73 vs -0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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